Los Angeles Homebuyers Snap Up Old Inventory as Housing Supply Plummets in December

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Los Angeles Homebuyers Snap Up Old Inventory as Housing Supply Plummets in December

The Los Angeles median home sale price rose 9.6 percent in December from a year earlier to $559,000, the largest annual increase since June. Home sales increased 3.6 percent over last year in a late-season rally.

LA Dec Prices

The number of homes for sale in Los Angeles plummeted 20 percent in December compared to a year earlier, the city’s largest inventory decline since July 2013. More homes were sold in December than new listings were added to the market, giving savvy buyers an opportunity to snap up older properties that might have fallen off the radar.

LA Dec Homes Sold

“Inventory typically declines in December due to the holiday season,” Redfin agent Nikki Kilmer said. “This year something very interesting occurred. Sellers overpriced their homes in October and November thinking they could fetch high-season prices. As a result, these homes sat on the market longer than usual, as buyers were unwilling to overpay. Once December rolled around many of my clients took a second look at these homes and were able to negotiate a better price.”

Hot Neighborhoods and Area Trends

The Eastside continued to be incredibly competitive. The median sale price in Echo Park increased 25.3 percent in December to more than $800,000, making it nearly as expensive as tony Marina Del Rey.

Mount Washington also posted impressive numbers, especially for December. Prices increased 25.2 percent year over year, the typical home sold within 16 days and half of all homes sold went for more than asking.

West Adams in South L.A. is turning heads thanks to revitalization and a relatively low median sale price of $525,000. Competition reached a fever pitch last month as buyers priced out of the Westside flocked to this traditionally working-class neighborhood. The median sale price jumped 27 percent over last year and the average home sold for 102 percent of asking price. The typical home sold in 14 days, twice as fast as the same time last year.

Here’s what’s happening in your neighborhood.

Neighborhood Median Sale Price Year-Over-Year Homes Sold Year-Over-Year Inventory Year-Over-Year New Listings Median Days on Market Avg Sale-to-List
Beverly Glen $2,050,000 52.0% 22 46.7% 35 -18.6% 23 40 96.1%
Beverly Hills Post Office $2,400,000 39.1% 55 7.8% 109 -6.0% 72 34 95.4%
Brentwood $1,437,500 -17.9% 110 -11.3% 154 23.2% 125 22 98.2%
Central LA $850,000 3.0% 770 -6.8% 1,053 -5.1% 1,010 27 97.7%
Century City $932,500 8.1% 84 9.1% 93 -13.1% 80 22 98.9%
Chatsworth $535,000 9.2% 117 3.5% 112 -32.5% 117 22 97.2%
Cheviot Hills $1,411,417 -19.2% 14 -30.0% 24 50.0% 26 20 95.9%
Crenshaw $560,000 0.0% 44 91.3% 37 -24.5% 44 15 100.9%
Downtown (Los Angeles, CA) $605,000 7.1% 82 -9.9% 114 -5.0% 101 32 97.4%
Eagle Rock $700,000 7.7% 69 -4.2% 61 -1.6% 79 21 101.6%
East LA $625,000 19.6% 594 5.7% 612 -1.1% 702 19 100.3%
Encino $697,500 -0.6% 173 -2.3% 193 -14.6% 191 29 96.5%
Fox Hills $438,000 7.5% 20 -33.3% 13 -50.0% 27 12 101.5%
Glassell Park $625,000 8.0% 83 130.6% 45 2.3% 78 7 99.4%
Greater Echo Park Elysian $813,000 25.3% 66 40.4% 91 28.2% 73 19 100.1%
Hancock Park $2,626,388 26.6% 18 5.9% 18 100.0% 17 35 98.1%
Highland Park $612,000 14.9% 81 -24.3% 91 -3.2% 102 20 99.9%
Hollywood $750,000 -4.8% 61 -22.8% 114 31.0% 102 28 98.9%
Hollywood Hills West $1,150,000 0.0% 171 4.3% 252 -1.6% 226 24 97.4%
Holmby Hills $1,239,000 -33.0% 11 22.2% 19 -24.0% 13 25 95.0%
Lake Balboa $475,000 11.1% 87 -12.1% 70 -28.6% 83 15 99.1%
Marina del Rey $878,000 17.1% 75 -18.5% 63 -23.2% 72 15 98.9%
Mid-City $825,000 4.4% 137 -3.5% 143 -27.0% 147 22 98.7%
Mount Washington $720,000 25.2% 72 2.9% 60 11.1% 71 16 102.0%
North Hollywood $475,000 11.8% 132 -5.7% 156 -18.8% 153 26 98.9%
North Valley $450,000 6.9% 1,216 5.5% 1,169 -28.4% 1,269 21 98.6%
Northwest San Pedro $478,000 8.6% 81 52.8% 60 -23.1% 76 24 99.1%
Pacific Palisades $2,450,000 23.8% 83 -1.2% 125 21.4% 111 32 97.1%
Pacoima $365,000 14.1% 71 6.0% 76 -42.9% 90 21 100.4%
Panorama City $415,000 9.8% 57 9.6% 39 -50.0% 52 16 101.2%
Sherman Oaks $775,500 10.0% 221 -9.8% 237 -5.2% 257 19 98.1%
Silver Lake $874,000 -4.5% 80 -7.0% 96 5.5% 95 22 99.1%
South Central LA $344,250 7.6% 189 -6.4% 323 -15.2% 292 28 98.0%
South LA $375,000 10.6% 792 -3.3% 1,342 -9.8% 1,204 23 98.7%
South Valley $535,000 7.1% 1,516 -1.4% 1,547 -24.1% 1,586 24 97.8%
Studio City $981,700 13.9% 139 8.6% 181 11.0% 181 25 96.8%
Sun Valley $421,500 7.3% 71 -15.5% 75 -30.6% 86 22 99.2%
Sylmar $400,000 8.1% 147 15.7% 148 -33.0% 159 24 98.9%
Tarzana $595,000 32.7% 129 7.5% 150 -14.3% 141 27 97.1%
Valley Village $816,500 22.8% 42 -17.6% 48 -15.8% 40 19 98.6%
Van Nuys $490,000 10.1% 103 -12.0% 125 -33.5% 120 16 98.7%
Venice $1,700,000 8.6% 90 -6.3% 123 10.8% 116 23 97.4%
Watts $275,000 10.0% 93 3.3% 165 -9.8% 146 32 100.6%
West Adams $525,000 27.1% 42 7.7% 38 -37.7% 44 14 102.1%
West Long Beach $371,500 14.3% 41 7.9% 43 -30.6% 44 36 99.4%
West Los Angeles $1,150,000 19.9% 1,376 -7.6% 1,604 -5.9% 1,595 21 98.5%
Westwood $850,000 6.3% 97 1.0% 128 -19.0% 113 35 96.7%
Woodland Hills $669,950 3.1% 211 6.6% 208 -29.0% 212 22 96.9%
Los Angeles $559,000 9.6% 2,499 3.6% 5,529 -20.0% 2,028 24 98.2%

NOTE: Not all neighborhoods are listed, but totals for L.A. encompass entire city. Data is based on listing information and might not reflect all real estate activity in the market. Neighborhood-specific data is measured over the three months ended Dec. 31. Inventory measures listings active as of Dec. 31. Glassell Park data is skewed due to an MLS issue.

For more information, contact Redfin journalist services

Phone: 206-588-6863
Email: press@redfin.com

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